Use Shark Industries' financial statements shown below to answer the following questions. Shark Enterprises, Inc. Balance...

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Use Shark Industries' financial statements shown below to answer the following questions. Shark Enterprises, Inc. Balance Sheets 2016 2017 Cash $1,000 $? Accounts receivable 8,000 9,000 Inventories 4,000 7,000 Land 10,000 10,000 Other fixed assets 5,000 5,500 Accumulated depreciation (1,600) (2,000) Total assets $26,400 $? Accounts payable $4,200 $ 7,000 Bonds 4,000 4,000 Common stock 15,000 16,000 Retained earnings Total debt and equity Shark Enterprises, Inc. 3.200 3.800 $26,400 $? Income Statement Sales $44,900 Cost of goods sold (22,000) Gross profit $12,900 Operating expenses (10,000) Depreciation (400) $2,500 Interest expense (500) EBT $2,000 Taxes (1.000) Net Income $1.000 Use Shark Enterprise's financial statements shown above to determine Shark's gross profit margin in 2017. Use Shark Industries' financial statements shown below to answer the following questions. Shark Enterprises, Inc. Balance Sheets 2016 2017 Cash $1,000 $? Accounts receivable 8,000 9,000 Inventories 4,000 7,000 Land 10,000 10,000 Other fixed assets 5,000 5,500 Accumulated depreciation (1,600) (2,000) Total assets $26,400 $? Accounts payable $4,200 $ 7,000 Bonds 4,000 4,000 Common stock 15,000 16,000 Retained earnings Total debt and equity Shark Enterprises, Inc. 3.200 3.800 $26,400 $? Income Statement Sales $44,900 Cost of goods sold (22,000) Gross profit $12,900 Operating expenses (10,000) Depreciation (400) $2,500 Interest expense (500) EBT $2,000 Taxes (1.000) Net Income $1.000 Use Shark Enterprise's financial statements shown above to determine Shark's gross profit margin in 2017.